LIC Jeevan Ankur

Tuesday, November 25, 2008

Personal Income tax Assesment year 2009-10


Taxable income slab (Rs.)                                              Rate (%)

Up to 1,50,000 NIL
Up to 1,80,000 (for women) NIL
Up to 2,25,000 (for resident individual of 65 years or above)                            NIL
                                                         1,50,001 – 3,00,000                                   10
                                                         3,00,001 – 5,00,000                                   20
                                                         5,00,001 upwards                                   30*

*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.

Note : -

Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.
A marginal relief may be provided to ensure that the additional IT payable, including surcharge, on excess of income over Rs 1,000,000 is limited to an amount by which the income is more than this mentioned amount.
Agricultural income is exempt from income-tax.

Sunday, November 23, 2008

Life Insurance Corporation of India proposes to bring out its credit card

Life Insurance Corporation of India  has decided to form a separate wholly owned company “LIC Cards Services Limited” to manage all aspects of  its credit card venture. Life Insurance Corporation of India has been permitted by Government of India to form a wholly owned company for this purpose.

In line with the corporate vision to emerge as a trans-nationally competitive financial institution, LIC has been planning to bring out its credit card to leverage its large customer base, strong brand and wide distribution network and to provide value added service to its customers.

LIC has celebrated its 52nd anniversary in September and aims to strengthen its relationship with its vast customer base by providing various value-added services such as credit cards. Through this new Company, LIC aims to offer premium-payment facility to policyholders with their own credit card. Not only will this provide added convenience and service to LIC customers, it will bring down transaction costs for LIC.

LIC Cards Services Limited, the  wholly owned subsidiary of LIC,  would leverage LIC and Corporation Bank's strong brand and extensive branch, ATM, and sales distribution network.


For more visit http://www.indiainfoline.com/news/innernews.asp?storyId=82669&lmn=1